Core Insights - The "China Online Consumption Brand Index" (CBI) for Q3 2025 was officially released, showing a value of 62.65, which represents a 0.92% increase compared to the same period last year, indicating a sustained growth trend in consumer emphasis on quality and brand during online shopping [1][2] Industry Performance - There are significant differences in CBI scores across various industries, with higher scores indicating fewer non-branded products and a concentration of sales among leading brands, while lower scores suggest greater competition for brand recognition [1] - The industries with the highest CBI scores include 3C digital products, home appliances, beauty products, and sports outdoor goods, reflecting a higher consumer demand for product quality, functionality, and brand recognition in these sectors [1] Brand Purchasing Power - Several industries, including women's clothing, 3C smart products, daily beauty products, sports outdoor goods, pet supplies, men's clothing, and home furnishings, have shown growth in their CBI scores compared to the previous year [2] - First-tier cities continue to lead in brand purchasing power rankings, emphasizing the importance of quality competition over mere cost competition [2] Consumer Trends - The CBI results indicate a growing trend among Chinese consumers towards preferring high-quality and branded products when shopping online [2] - Despite discussions around the rise of "white-label" products, the overall trend of the CBI suggests that brand consumption is still in an expansion phase, with many brands facing strategic dilemmas between low-cost customer acquisition and value innovation [2]

12月25日，由北京大学国家发展研究院牵头编制的最新季度"中国线上消费品牌指数"(CBI)、 "全球品牌 中国线上500强榜单"(CBI500)和 "线上品牌购买力指数"(BPI)发布。 本次研究基于2025年7月至9月淘宝天猫平台的真实消费大数据展开，结果显示，全国线上消费品牌指数 (CBI)为62.65，同比增长0.92%，意味着线上消费者对于品牌商品的偏好继续上升。具体品牌评分排名 方面，凭借在成交额、搜索、好评等维度的优异表现，大疆、泡泡玛特等国产原创品牌增长迅速，大疆 首次跻身"全球品牌中国线上500强榜单"前10，泡泡玛特名列第12位。 | 全球品牌中国线上500强 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年第三季度(前50名) | | | | | | | | | | | 北京大学国家发展研究院编制 淘天集团技术支持 | | | | | | | | | | | ▼ 综合评分由12项指标得分加权平均得出详见《中国消费品牌指数第三期（2025年3季度）》 | | | ...

来源：@21世纪商业评论微博 记者丨李惠琳 编辑丨谭璐 今年8月，茵曼位于广州的新总部大楼启用，创始人方建华专门发文感慨： "27年前，我带着上百号工人，在车间里没日没夜地赶订单；27年后，这家公司竟然还活着。" 茵曼，成长于淘宝，冲上过天猫双11的女装冠军。其后，方建华带领茵曼走出淘系，布局多平台，在线下开设600多家门店。 "我们对双11的概念，慢慢淡化了。"汇美集团副总裁曲晶接受《21CBR》记者专访时表示，茵曼已从一个互联网品牌，变成覆盖全域的新零售品牌。 汇美集团创始人方建华 据透露，2024年，汇美集团的销售额达30亿元，茵曼贡献约七成，单品牌超20个亿。 眼下，方建华势头正劲，他为茵曼定下目标，五年达成100亿销售，汇美集团也计划择机重启IPO。 前方的路，挑战依旧，也有奔头。 逆势开店 早期的"淘品牌"，多已淡出视野。方建华的茵曼，一直留在牌桌上。 方是江西人，原为服装设计师，大学毕业后南下广州，开了一小型服装工厂，为海外品牌提供代设计和加工服务。 2005年，他创办汇美集团，主攻B2B电商。 三年后，金融危机来袭，外贸业务受阻，方建华果断转向，创立服装品牌"茵曼"，在淘宝开店售卖，转而经营自 ...

Investment Rating - The report indicates a recovery phase for Nike, with a stable revenue growth of 1% year-on-year in FY26Q2, despite challenges in certain markets [1][11]. Core Insights - Nike is currently in a mid-recovery phase, focusing on strategic adjustments and product innovation. The performance in key markets will depend on the rollout of core sports products and the strategic reset in major markets [1][17]. - The North American market shows strong performance with a 9% year-on-year revenue increase, while the Greater China region faces a 16% decline as it undergoes a strategic reset [1][13]. - The report highlights a mixed performance in the beauty and personal care sector, with online skincare sales growing by 4.8% year-on-year, while makeup sales increased by 10% [2][18]. Summary by Sections Nike Performance - FY26Q2 revenue reached $124.27 billion, with a 1% year-on-year growth. Wholesale channels grew by 8%, while NIKEDirect saw a decline of 9% [1][11]. - The North American market's revenue increased by 9%, driven by strong demand in running, children's apparel, and basketball categories [1][13]. - The Greater China market's revenue decreased by 16%, impacted by reduced foot traffic and inventory issues [1][13]. Beauty and Personal Care Sector - Online skincare sales in November grew by 4.8%, with Tmall and Douyin showing contrasting performance [2][18]. - Makeup sales increased by 10%, with Tmall and Douyin also reflecting varied growth rates [2][18]. - Brands are shifting focus to Tmall as ROI on Douyin advertising declines [2][18]. Retail Trends - November clothing retail sales grew by 3.5% year-on-year, but the growth rate has slowed compared to October [3][25]. - Jewelry retail sales saw a decline of 8.5% year-on-year, while gold prices supported demand [3][25]. - The cosmetics sector experienced a 6.1% year-on-year growth, but the growth rate has decreased compared to previous months [3][32]. Investment Recommendations - For apparel brands, Hai Lan's Home is recommended for its strong profitability and expansion potential, while Li Ning is seen as having a potential turning point [4]. - In the beauty sector, companies like Juzi Biotechnology and Jinbo Biological are highlighted for their resilience and product launches [4]. - The jewelry sector remains attractive due to rising gold prices, with recommendations for brands like Laoputang [4].

品类趋势方面，2025年女装市场呈现清晰的结构化特征。连衣裙、羽绒服、休闲裤稳居时尚女装三大主 力品类，市场需求稳定；裤装、套装、牛仔裤则异军突起，成为年度市场黑马。消费偏好上，"丹 宁""拼接""新中式"等关键词持续走红，精准折射出通勤、度假两大核心场景的需求升级趋势。 近日，梦饷科技2025女装类目商家大会在上海圆满举行。本次大会吸引了阿玛尼、秋水伊人、帕罗、对 白、鸭鸭、艾莱依等近百家知名品牌参加，梦饷科技复盘近一年女装类目发展成果，重磅发布2026年战 略规划，聚焦行业趋势洞察与私域增长路径，共探行业高质量发展新方向。 "女装作为规模超万亿的核心服装品类，近年来行业格局正发生深刻且鲜明的变革。"梦饷科技女装负责 人刘玉华在会上表示。数据显示，2025年以来，梦饷科技女装类目持续领跑私域电商赛道，销售体量稳 居行业TOP1，核心竞争力进一步夯实。其中，品牌新品率、爆款率较2024年实现双位数攀升，产品核 心力稳步增强；售后综合表现远超传统渠道，行业领先优势显著，用户满意度持续提升。 货盘规划作为2026年平台赋能的核心抓手，梦饷科技创新推出"全货盘运营"策略，构建"爆款尖货+新款 线下同款+引流清仓款+ ...

Core Viewpoint - The company, 日播时尚, is acquiring a 71% stake in the lithium battery adhesive company, 茵地乐, for 1.42 billion yuan, aiming to diversify into the new energy materials sector due to stagnation in its core women's apparel business [1][4]. Group 1: Acquisition Details - The acquisition price is set at 1.42 billion yuan, with 1.161 billion yuan paid in shares and 259 million yuan in cash [1][4]. - The total assessed value of 茵地乐 is 2.005 billion yuan, reflecting a 103.40% increase over its book net assets [1][4]. - 茵地乐 is expected to achieve net profits of no less than 216 million yuan, 225 million yuan, and 233 million yuan from 2025 to 2027 [1][4]. Group 2: Financial Performance - The company is projected to incur a net loss of 159 million yuan in 2024, which would negate the cumulative profits of the previous three years [1][4]. - 茵地乐's net profits for 2023, 2024, and the first nine months of 2025 are reported as 181 million yuan, 204 million yuan, and 247 million yuan, respectively [1][4]. Group 3: Strategic Context - This is not the first attempt by the company to diversify; a previous plan to restructure into the upstream of new energy batteries was terminated [2][5]. - The current strategy retains the women's apparel business while pursuing a gradual transformation, contrasting with the previous plan that aimed for a complete exit from the original business [2][5]. Group 4: Risks and Challenges - The acquisition introduces significant goodwill of approximately 640 million yuan, which constitutes 31.61% of the projected net assets for Q1 2025 [5]. - There are concerns regarding business integration due to the lack of synergy between the women's apparel and lithium battery adhesive sectors [2][5]. - The lithium battery adhesive industry faces challenges such as technological changes, price declines, and overcapacity, which could impact future profitability [2][5].

Core Viewpoint - A Japanese women's clothing company, ANAP, has transformed into a significant player in the Bitcoin market, holding over $96 million in Bitcoin and becoming the 46th largest institutional holder globally [3][6][8]. Group 1: Company Transformation - ANAP, originally a traditional women's clothing and children's apparel company, has pivoted to become Japan's most aggressive "Bitcoin listed company" [3]. - The company officially changed its name to Anap Holdings Inc. in April and announced its entry into the digital asset business [6]. - ANAP's CEO, Kawai Rintaro, has been a driving force behind the company's Bitcoin strategy, which includes a roadmap to accumulate Bitcoin as a primary reserve asset [6][8]. Group 2: Investment Strategy - From April to November, ANAP has made multiple public announcements regarding its Bitcoin purchases, demonstrating a transparent investment approach [8]. - The company's stock price has surged fivefold within six months, reflecting investor confidence in its Bitcoin strategy [8]. - ANAP's total Bitcoin holdings have surpassed 1,047 BTC, valued at approximately $96 million, with an average purchase cost leading to a book value of around 96-100 billion yen [8]. Group 3: Industry Impact - ANAP has launched the "ANAP Bitcoin Dojo," a platform aimed at assisting other Japanese companies in formulating their Bitcoin strategies, marking a shift from being merely an asset holder to an industry advocate [9][10]. - The Japanese regulatory environment has become more supportive of Bitcoin, with indications that the country may become the most Bitcoin-friendly market in Asia [12][13]. - A new generation of Japanese entrepreneurs, represented by Kawai Rintaro, is increasingly open to digital assets, recognizing their potential in combating inflation and enhancing corporate value [14].

Core Points - The article discusses the ongoing conflict between women's clothing retailers and consumers regarding the increasing size and complexity of clothing tags, which are now seen as a deterrent to returns [2][4][5] - The rise of oversized tags is a response to high return rates and consumer behavior that exploits return policies, leading to a significant shift in the retail landscape [6][15][26] Group 1: Industry Trends - The trend of oversized tags has become a focal point in the women's clothing industry, with tags now being as large as A4 paper and designed to be difficult to remove [6][11] - Manufacturers are innovating with tag designs, including tamper-proof features and even technology like NFC chips, although the latter is not widely adopted due to cost [12][15] - The introduction of these tags is seen as a cost-effective measure for retailers to mitigate losses from returns, with the cost of oversized tags being significantly lower than the potential losses from returned items [26][27] Group 2: Consumer Behavior - Consumers have adapted to the return policies, often purchasing items with the intent to wear them briefly before returning, leading to a culture of "wear and return" [16][23] - This behavior has resulted in a gray market where individuals exploit return policies for profit, further complicating the relationship between retailers and consumers [23][30] - The article highlights instances where consumers have returned items in unsellable conditions, exacerbating the challenges faced by retailers [18][19] Group 3: Retailer Responses - Retailers are increasingly adopting oversized tags as a last line of defense against return fraud, with reports indicating a significant drop in return rates after implementing these tags [26][27] - The cost of oversized tags is justified by retailers when compared to the high costs associated with returns, which can include shipping, restocking, and loss of sale [27][28] - The ongoing "tag war" reflects a broader struggle within the industry to balance consumer rights with the financial viability of retail operations [30][50]

Core Viewpoint - The article discusses the ongoing conflict between women's clothing retailers and consumers, focusing on the trend of oversized tags as a response to high return rates and consumer trust issues in the fashion industry [4][8][22]. Group 1: Industry Trends - The phenomenon of oversized tags in women's clothing has become a significant topic of discussion, with some tags being as large as A4 paper, serving as a deterrent against returns [10][39]. - Retailers are increasingly using these large tags as a "defense mechanism" against consumers who exploit return policies, with some tags designed to be difficult to remove [17][38]. - The introduction of advanced anti-removal technologies, such as adhesive tags and NFC chips, reflects the industry's adaptation to combat return fraud, although the cost of such technologies can be prohibitive for mass-market brands [19][20]. Group 2: Consumer Behavior - The article highlights a shift in consumer behavior, where some individuals treat online shopping as a "try before you buy" experience, leading to a culture of returning items after minimal use [23][30]. - Instances of collective returns by groups, such as students after events, illustrate the growing trend of consumers exploiting return policies, further straining retailers [30][34]. - The dissatisfaction with women's clothing quality has led some consumers to explore men's and children's clothing, finding better fit and quality, which indicates a significant shift in purchasing preferences [60][63]. Group 3: Economic Impact - High return rates have become a financial burden for retailers, with some reporting return rates as high as 75% to 80%, significantly impacting their profitability [37][52]. - The cost of returns, including shipping and handling, can exceed the original sale price of the items, leading to substantial losses for retailers [39][52]. - The implementation of return policies, such as "seven-day no-reason returns," has inadvertently encouraged a culture of return abuse, complicating the financial landscape for retailers [49][51].

Core Viewpoint - The rise of oversized tags in the fashion industry is a response to the abuse of the "seven-day no-reason return" policy by consumers, leading to increased costs and operational challenges for merchants [1][2][3] Group 1: Merchant Challenges - Merchants are facing significant losses due to consumers treating them as free fitting rooms, with returned items often being damaged or used [2] - The introduction of large, hard tags aims to deter consumers from returning worn items, as they are difficult to hide and uncomfortable to wear [1][2] - Merchants report that despite implementing various anti-return measures, such as large tags and security features, the problem persists, leading to increased operational costs [1][2] Group 2: Industry Response - The demand for oversized tags has created a new industry segment, with tag manufacturers seeing a surge in orders, particularly around major shopping events like "Double Eleven" [2] - The production of these tags has evolved, with manufacturers developing various designs, including ribbon tags and lock mechanisms, to combat return abuse [1][2] - The trend of oversized tags has become a shared solution among female clothing merchants, indicating a collective struggle against return fraud [2] Group 3: Consumer Behavior and Regulation - The misuse of the return policy is not limited to the women's clothing sector but is most evident there, prompting calls for regulatory measures to prevent abuse [3] - There is a recognition that the current return policy framework may need adjustments to protect merchants from undue losses while balancing consumer rights [3] - The lack of clear standards for returned goods complicates the situation, as merchants are often left with unsellable items due to the condition in which they are returned [3]